We can see that this fib retracement (pull is from 5th of august low to 52.9k high) is still being respected very nicely, and offering very nice trades.
From the drop of the 7th of sept., we bounced off the lower end of the fib golden pocket, only to retest the top of the fib golden pocket on the 13th before going higher
You can then see how the 38.2% was resistance before being flipped as support before being lost which gave us a nice drop.
Today we rejected off the 50% of this fib (which was in confluence with a golden pocket), and bounced exactly off the 78.6% for a 5% bounce.
Now, the fib golden pocket which we are at is resistance (as it acted as support twice before), and should we break above 43.7k, I expect a push higher, 1st target being the trendline
The other levels to be aware of have been outlined in my previous idea (link below)
Of course, I will update you when needed
Any questions?
Good luck traders
Remember not to break your rules
Habib
From the drop of the 7th of sept., we bounced off the lower end of the fib golden pocket, only to retest the top of the fib golden pocket on the 13th before going higher
You can then see how the 38.2% was resistance before being flipped as support before being lost which gave us a nice drop.
Today we rejected off the 50% of this fib (which was in confluence with a golden pocket), and bounced exactly off the 78.6% for a 5% bounce.
Now, the fib golden pocket which we are at is resistance (as it acted as support twice before), and should we break above 43.7k, I expect a push higher, 1st target being the trendline
The other levels to be aware of have been outlined in my previous idea (link below)
Of course, I will update you when needed
Any questions?
Good luck traders
Remember not to break your rules
Habib
